April 30 (Reuters) -

Prudential Financial ( PRU ) first-quarter profit rose more

than 13% on Tuesday, driven by robust performance in the

insurer's U.S. unit.

The Newark, New Jersey-based company's after-tax

adjusted operating income rose to $1.14 billion, or $3.12 per

share, in the three months ended March 31, from $1 billion, or

$2.70 per share, a year earlier.

The company's U.S. businesses, which consist of its

retirement strategies, group insurance and individual life

businesses, posted an adjusted operating income of $839 million

in the quarter, up from $760 million last year, driven by higher

net investment spread and strong underwriting.

Rising wages and a resilient labor market have encouraged

individuals and companies to revive their spending on insurance

policies.

Prudential's assets under management rose to nearly $1.50

trillion from $1.42 trillion a year earlier, driven by equity

markets rallying amid firming bets of a soft landing for the

economy.

PGIM, Prudential's global investment management business,

reported adjusted operating income of $169 million in the

quarter, up from $151 million a year earlier, helped by higher

asset management fees.

Meanwhile, the investment management business saw

third-party net inflows of $26.6 billion, driven by a large

fixed-income mandate from institutional clients.

Shares of the company have risen 6.5% so far this year,

compared with a 7.3% jump for the benchmark S&P 500 Index

.